The success story of Theodore Rachmat or Teddy has been a long one. Since his graduation from engineering faculty at Bandung Technology Institute, he had been slowly rising from mere Astra sales to director of the same company that hired him at the first place. Now, he owns private companies such as Triputra Group and PT Adaro, all are still operating with amazing assets and profits. However, his success is not without some bad decisions of his own, but he managed to learn from the mistake.
From Astra Sales to Director
Theodore Rachmat started his career as Astra sales employee in year 1968, right after his graduation. At that time, Astra was still a small company, and he entered as the 15th employee. During his first weeks as sales employee, Teddy rode motorcycle back and forth and often slept at the office. His dedication made him continue to rise until he was trusted to manage new business that was operating under Astra. In 1972, he started his job managing United Tractors, before he finally rose to be chief executive until year 2005. Today, the United Tractors are still operating and worth more than US$ 10 billion.
He once made wrong decision by not buying Astra during 1998 monetary crisis, and in the end, he often remembered that as one of his worst decisions in business. However, he later made it up by starting Adira financial company, but he must sell part of it to Bank Danamon keep it afloat. He also sold part of Adira’s other stocks to build Triputra Group, his most successful achievement. Now, Triputra Group has several companies under it, with the biggest ones being Kirana Megatara Rubber Company and Triputra Agro Persada Palm Oil Company.
Along with the company, he also has several oil palm plantations that supply his factory with crude palm oil. He also started mining company called Adaro, with his family members and college friend in important positions.
Plan to Go Public
Not satisfied with his achievements so far, Teddy also has the future plan to bring his TAP stake to go public, so people can see transparency in his business and he can also earn more capital injections to expand and manage his vast business kingdom. He bought the TAP minority stake together with Northstar Pacific Capital owned by Patrick Walujo, and also Singapore Government Investment Corporation. He is also now slowly listing his Triputra Group part by part, with Swakarsa Sinarsentosa Palm Oil Company being the first this year.